Given the index`s recent correction from alltime highs, the demand zone between 24,500 and 24,000 may attract long-term investors - Tradebulls Securities Pvt Ltd
Nifty
The Nifty remains in a downward drift on its daily chart, with trend strength indicators closely mirroring the price movement and showing no signs of divergence. For the final week of the October expiry, options data points to a widening trading range, with resistance firmly established at 24,500 and support zones around 24,000 to 23,500. A low Open Interest Put-Call Ratio (OIPCR) signals caution, though it could hint at potential short-covering rally if the 24,100 level holds. Given the index's recent correction from alltime highs, the demand zone between 24,500 and 24,000 may attract long-term investors. However, an ideal entry point would be after a bullish reversal, confirmed by a strong close above 24,500. Until clearer directional signals develop, a cautious approach remains prudent for more strategic trades.
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